Automobiles Sector Update : BYD EV Self-drive experience in UK by Elara Capital
BYD EV Self-drive experience in UK
We rented a BYD Dolphin for self-drive in the UK during the JLR Investor Day visit recently. Some key takeaways are as follows: it had a 60Kwh battery pack with a 12.8- inch rotatable touchscreen. We got BYD Dolphin Design variant, which offers a range of 265 miles. It offers an LFP blade battery. The price of BYD Dolphin starts from GBP 26-31k, and it is a direct competitor to MG4 EV and is lower than in price to VW ID3. The UK version has modifications vs the China version. Some connected features are disabled in the UK version as per regulations (like mobile phone cannot be used as a key in the UK vs China). It also meets the EURO NCAP 5 Star rating. The UK version has more safety padding on front and rear bumpers to meet regulations vs the China version.
Charging cost not economical for fast charging vs gasoline: We had to fast charge on our visit at the rate of 74p/kw. Our calculations show cost per km turns out to be 0.1 GBP per km, which is similar to a comparable ICE vehicle cost per km. But if the vehicle is charged slowly at home, it is at the rate of ~28p/kw, and cost per km comes off to 0.04 GBP per km. Hence, the real operational cost benefit of EV vs ICE only comes in case of home charging, and not in publicly available fast chargers.
Charging experience mixed: The BYD Dolphin in UK is compatible with the CCS port charging. The charging network experience was mixed. There were a couple of places in Oxford where the google maps took us saying there is a charging station there, and upon reaching there was no charging station at all. This is in stark contrast to our experience last year in UK when we had rented a Tesla Model Y, where the charging network accuracy and quality was much better. The Tesla Superchargers advantage and quality of chargers condition was pretty evident in our view vs others. On the highways, the charging experience was seamless and convenient for CCS (Combined charging system) chargers. However, several charging stations have different charging operators for nonTesla vehicles and downloading different apps at every use is not feasible. However, most charging stations have an option to pay without downloading the app (although at one charging station, there was an issue and we had to go to another charging station). Hence, planning the trip is essential.
Our View: Overall, we believe home charging is essential for most times for EV realizing cost benefits. Just relying on fast chargers is not economical and good for battery health too. The BYD Dolphin is a good value for money proposition compared to peers in the UK. BYD BEV market share in the UK stands at 7.7% in CY25 YTD, up from 2.3% in CY24 (Dolphin specific model market share is 1.2%). In the EU, BYD market share in BEV is at 3.1%. BYD’s exports in the EU and the UK has grown closer to 100% in CY25 YTD, aided by ramp-up of PHEV models, which currently are not facing tariffs in the EU, unlike BEV tariffs. We believe China’s original equipment manufacturers (OEM) can gain incremental global PV market share in the next 3-5 years, thereby putting pressure on legacy OEM as highlighted in our recent report, China energizing seismic shifts released on 27 January 2025.
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